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Last week, Pensions Minister Steve Webb reaffirmed his plan to allow pensioners to cash in existing annuities and have access to the fund under the new pension flexibility being introduced on 6 April.

This is not government policy and will not be in place by April or before the general election in May, but Webb hopes for cross-party agreement to implement the change in the next Parliament. The Minister’s intention is laudable but it remains to be seen whether annuitant and annuity provider could agree a fair price.